Triyar Companies LLC has bought the Nike Inc. distribution center at 8400 Winchester Road from iStar Financial Inc.
The 812,697-square-foot building sold for $14.5 million, or $17.84 a foot.
Los Angeles-based Triyar owns more than 40 commercial properties in New York, Texas, California, Indiana and Arizona.
Johnny Lamberson, Frank Quinn and Brad Murchison with CB Richard Ellis Memphis brokered the transaction.
Nike is converting the Winchester building, which sits on 37 acres, into a returned merchandise operation which will create 450 new jobs.
After building a 1.1 million-square-foot, LEED-certified facility in Frayser, the company considered closing the Winchester location.
However, it renewed its lease there and the Memphis and Shelby County Industrial Development Board awarded the company a five-year payment-in-lieu-of-taxes abatement, worth about $212,000, for the job creation and $1.8 million in building improvements.
